Comerica Inc. (CMA) Sets New 12-Month High on Strong Earnings
Comerica Inc. (NYSE:CMA) reached a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $50.54 and last traded at $49.46, with a volume of 2,611,286 shares trading hands. The stock had previously closed at $48.06.
The financial services provider reported $0.84 EPS for the quarter, topping the consensus estimate of $0.73 by $0.11. Comerica had a net margin of 14.69% and a return on equity of 6.03%. During the same period in the previous year, the firm earned $0.74 EPS.
The firm also recently declared a quarterly dividend, which was paid on Saturday, October 1st. Shareholders of record on Thursday, September 15th were given a $0.23 dividend. The ex-dividend date was Tuesday, September 13th. This is a boost from Comerica’s previous quarterly dividend of $0.22. This represents a $0.92 annualized dividend and a yield of 1.91%. Comerica’s payout ratio is 38.82%.
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Several analysts have issued reports on CMA shares. Wedbush started coverage on Comerica in a report on Thursday, October 6th. They set a “neutral” rating and a $49.00 price objective on the stock. Bank of America Corp. downgraded Comerica from a “neutral” rating to an “underperform” rating and boosted their price objective for the stock from $30.48 to $36.00 in a report on Wednesday, June 29th. Zacks Investment Research upgraded Comerica from a “hold” rating to a “buy” rating and set a $51.00 price objective on the stock in a report on Monday, July 25th. Goldman Sachs Group Inc. upgraded Comerica from a “neutral” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Friday, September 16th. Finally, Wells Fargo & Co. upgraded Comerica from an “underperform” rating to a “market perform” rating in a report on Friday, July 8th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a sell rating, eighteen have given a hold rating and eight have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $45.04.
In other Comerica news, insider Paul R. Obermeyer sold 2,302 shares of the stock in a transaction on Thursday, August 25th. The stock was sold at an average price of $45.92, for a total transaction of $105,707.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Company insiders own 1.60% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CMA. National Planning Corp raised its position in Comerica by 0.6% in the second quarter. National Planning Corp now owns 5,677 shares of the financial services provider’s stock valued at $250,000 after buying an additional 32 shares in the last quarter. Clarkston Capital Partners LLC raised its position in Comerica by 0.6% in the second quarter. Clarkston Capital Partners LLC now owns 9,480 shares of the financial services provider’s stock valued at $390,000 after buying an additional 55 shares in the last quarter. PNC Financial Services Group Inc. raised its position in Comerica by 0.3% in the second quarter. PNC Financial Services Group Inc. now owns 22,866 shares of the financial services provider’s stock valued at $941,000 after buying an additional 58 shares in the last quarter. Chicago Equity Partners LLC raised its position in Comerica by 0.9% in the second quarter. Chicago Equity Partners LLC now owns 8,040 shares of the financial services provider’s stock valued at $331,000 after buying an additional 70 shares in the last quarter. Finally, Advisor Partners LLC raised its position in Comerica by 1.4% in the second quarter. Advisor Partners LLC now owns 6,319 shares of the financial services provider’s stock valued at $260,000 after buying an additional 85 shares in the last quarter. Hedge funds and other institutional investors own 84.59% of the company’s stock.
The company has a market capitalization of $8.61 billion, a PE ratio of 21.49 and a beta of 1.36. The stock has a 50-day moving average of $47.28 and a 200-day moving average of $44.34.
Comerica Company Profile
Comerica Incorporated (Comerica) is a financial services company. The Company’s principal activity is lending to and accepting deposits from businesses and individuals. Comerica has its operations in three business segments: the Business Bank, the Retail Bank and Wealth Management. In addition to the three business segments, it also operates in the Finance segment.
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